The Future Of Tech Stocks: Biometrics In Focus

Under the watchful eye of President Donald Trump, technology companies that deal with a wide range of services and products, more specifically biometric technology, have started cashing in on a lightly-noticed government attempt to ramp up the use of biometric tools (for example fingerprinting and iris scanners) to track the individuals who enter and exit the country.

Firms throughout Silicon Valley that operate with data intel are taking advantage of a provision folded into Mr. Trump’s executive order on immigration. This included his controversial travel ban, calling for the finish of a “Biometric Entry-Exit Tracking System” for sifting through passengers entering and leaving the United States. The biometric tracking system was mandated back in the mid-1990s by an immigration law passed by Congress but never fully executed by Trump’s three predecessors.

When Trump first took office, federal courts prevented certain sections of his initiative and amended immigration orders that called for a temporary travel ban on visitors from seven majority Muslim countries. But the rulings did not affect the provision on biometric tracking, which is a piece of technology that could have been helpful prior to the travel ban.

“This marks an important milestone” for the biometric industry, said Melissa Ho, the managing director of the Silicon Valley Innovation Program, an initiative the Department of Homeland Security launched in 2015. “We’re committed to real investments in startups working on creating biometric security tools,” she said.

The growth in the tech industry is part of a worldwide trend. The global biometric system market is predicted to rise from close to $11 billion in 2015 to roughly $32 billion by 2022, according to an industry report by the firm Research and Markets. In the United States, government spending is expected to account for 40 percent of the biometric industry’s market share by 2020, up from just 12 percent in 2016 creating a viable option for potential investors to get involved.

The explosion in biometric technology in the U.S. didn’t happen overnight. It’s the product of years of lobbying by a politically connected industry that sees an opening in a new president eager to use the latest technology to advance his immigration agenda. Yet as the industry grows, its facing fresh scrutiny from critics and Congressional lawmakers who are calling for stricter regulations on how biometric data is collected and used by the government and private sector.

The plan to construct the “Wall” as President Trump puts it, has been postponed after Congress did not include finances for the project in its bill to fund the government through the end of the fiscal year.

Still, plans to use the technology of biometric tracking along the southern border are getting started, urging the government to start awarding contracts to high-tech companies who are poised to benefit from the administration’s immigration crackdown.

Trump is “using the best technology” as part of his immigration enforcement push, White House press secretary Sean Spicer stated at a briefing. “[Department of Homeland Security] Secretary John Kelly says it’s the most effective way to keep people out,” he added.

Jennifer Gabris, a spokesperson for U.S. Customs and Border Protection, said the agency is preparing to deploy new technology to verify travelers’ identities. “Biometric technology could possibly transform how travelers interact with airports, airlines and customs officials,” she said.

But this is just one avenue that companies are starting to look into. The lines in the sand have been drawn and now the tech industry is welcoming biometrics with open arms. Like other sectors in the world of technology, the wearable technology market has increasingly gained popularity over the last several years.

Consumers are becoming more and more enthusiastic about The market, which has lead to a rise in investor interest in wearable technology stocks

There are plenty of wearable tech stocks for investors to choose from – Apple, Microsoft, Garmin, Qualcomm, and Samsung, but those looking to ride all of this growth should consider a new trend that is quietly gaining traction within the healthcare sector.

Leveraging data to transform healthcare is only in its infancy, but we’re already seeing examples of how wearable technology may help patients!